Use the Present Value tables at the end of Appendix A of. your textbook to answer the following questions. Round each portion of your answer to the nearest dollar. On January 1, 2012, a company purchased land for a future warehouse site. A $50,000 down payment is made on that date. The $70,000 annual payments for the 6%, 10-year loan are to start on Dec. 31, 2012. Determine the carrying value of the note on Dec. 31, 2013, after the adjusting entry for interest expense has been made. (Round to the nearest dollar.) Date Cash Interest Payment Expense Principle Reduction Carrying Value Issuance $515,206 Correct Answer $434,685 You Answered $490,859 $642,320 $476,118